Getting Sellers to Respond Quickly to Offers is Easy

Getting Sellers to Respond Quickly to Offers is Easy

One of the first questions that comes out of the mouths of buyers after the write an offer is, "How long do the sellers have to respond?"  In some areas of the country, there are definite time frames that sellers MUST respond within that are mapped out right in their contracts.  Unfortunately, Northern Virginia is not one of those areas.  We've got the fantastically vague language that "time is of the essence," in responding to offers and counter offers.  

Buyers in the current Northern Virginia marketplace are facing skimpy levels of inventory.  There aren't enough homes to meet buyer demand.  And a buyer's worst fear is that they will miss out on another opportunity while an offer they made is held up with the sellers, waiting for a response.  The answer to this potential problem of a seller intentionally delaying a response seems simple to me:

MAKE THEM AN OFFER THEY DON'T WANT TO LOSE.

When supply is limited and buyer demand is high, the sellers have the power.  That means they could hold your offer and wait for something better, because chances are, if you liked it, so will someone else.  So why give them that opportunity?  Make your offer so good that they don't want to lose it.  Don't dicker sales price if the home is priced right.  If you need closing cost help, only ask for what you need.  And if you ask for closing cost help, maybe forego asking for the small dollar items like the seller to pay for a termite inspection and home warranty. That can make you look greedy.

You don't have to give up contingencies like home inspection to be considered a strong offer.  Sellers in Northern Virginia expect you will have those.  Just make the time frames reasonably quick.  Don't delay having an inspection for three weeks.  Have it one week's time or ten days at the outside.  And offer a settlement date that makes it a faster turn around.  It's not unusual to see buyers get from contract to close in three to four weeks if their lender has documentation like pay stubs. bank statements and tax returns before the buyer has ever written an offer.

One last tip would be not to delay writing an offer.  If you saw the home and liked it, put pen to paper and get the offer over to the sellers.  Respect their time.  Don't express interest and then wait a week to make an offer.  Sellers tend to treat buyers the way they perceive they themselves are being treated.  Respect their time and desire to get under contract.  Express your interest in writing, not words.

It's not uncommon to be one of many offers, but if you can write a strong offer and are the first one in, you make a case to sellers not to wait for more.